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Najib: Malaysian economy has buffers

By Tuesday September 30th, 2008 No Comments

PUTRAJAYA: Malaysia’s economy has the capacity to weather the destabilising consequences of developments in the US economy and international financial markets, said Deputy Prime Minister Datuk Seri Najib Tun Razak.

Stating that the country’s economic fundamentals were strong, he added that Malaysia’s international reserves were high at US$119bil with a large current account surplus.

Foreign direct investments also remained significant amounting to RM31bil in the first half of the year, he said, adding that the banking system was sound and strong with buffers to withstand the current financial turbulence.

Stating that the Government was confident with the financial institutions in the country, Najib added that a close watch was on the drop in the stock market, which he admitted was less significant than the Dow Jones, London Stock Exchange and some Asean stock markets.

“The strengthened financial infrastructure and the more developed financial markets have increased the resilience of our financial system to external shocks.

Read the whole story from The Star

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